Audit
/ˈɔːdɪt/
Definitions
2 meaningsA formal examination of a company's financial records to ensure accuracy and compliance.
/ˈɔːdɪt/
A systematic examination of financial records.
An independent audit is required annually.
💡 Simply: Checking the numbers to make sure they're right.
More Examples
The audit revealed several irregularities.
How It's Used
"The company underwent a thorough financial audit."
"The government agency conducted an audit of the grant recipients."
To systematically examine and verify the accuracy of financial records.
/ˈɔːdɪt/
To carry out an audit.
The external auditors will audit the company's financial statements.
💡 Simply: To check the books.
More Examples
They are auditing the project's expenses.
How It's Used
"We need to audit the accounts before the year-end."
From Anglo-French auditer, from Latin audire "to hear". Originally referring to a formal hearing or examination of accounts.
Historically, 'audit' referred to a formal hearing, but its application to financial records developed over time.
Memory tip
Think 'audible' - you have to carefully 'hear' the details.
Word Origin
"to hear"